The Hong Kong Monetary Authority (HKMA) has finalized its regulatory framework for stablecoin issuers, which will take effect on August 1. The new guidelines provide clarity on the supervision of licensed stablecoin issuers and outline Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) obligations. The HKMA has also announced the launch of a public registry for licensed issuers to enhance oversight in the local crypto ecosystem. Despite the new regulations, HKMA emphasized that no licenses have yet been issued, cautioning consumers to avoid unlicensed entities. HKMA Chief Executive Eddie Yue highlighted that many applications for stablecoin licenses do not meet the required standards. Applicants are urged to submit their complete applications by September 30 in order to be considered in the initial batch of licensees. The HKMA's warnings come amid rising concerns over stablecoin scams in China, particularly in Shenzhen, where authorities have alerted the public to unlicensed offerings.

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